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Cinven Completes CBR Deal

NEW YORK — Private equity firm Cinven on Monday completed its acquisition of German fashion group CBR Holding GmbH & Co. KG for an undisclosed sum. <BR><BR>The deal, which was completed via a syndication agreement with Apax Partners, is...

NEW YORK — Private equity firm Cinven on Monday completed its acquisition of German fashion group CBR Holding GmbH & Co. KG for an undisclosed sum.

The deal, which was completed via a syndication agreement with Apax Partners, is subject to approval by the European Union Commission in Brussels.

For Apax, CBR is the latest addition to its portfolio of fashion investments. In July, Apax acquired Spyder Active Sports, a fast-growing ski apparel company, in a transaction valued at about $100 million. In December 2002, Apax also helped Phillips-Van Heusen Corp. buy Calvin Klein Inc. in a transaction that combined a $250 million equity investment with a loan of up to $125 million to PVH.

CBR Group attracted offers in September that were worth around 1 billion euros. The fashion firm’s brands include Street One, Cecil and One Touch.

“We are looking forward to being able to include another successful fashion company in our portfolio following the investments in New Look, Calvin Klein/PVH and Morgan. CBR is one of the leading clothing retailers in Europe, and its three brands are well positioned in the market, giving it enormous potential for growth,” said Dr. Mirko Meyer-Schënherr, a director at Apax.

According to Apax, CBR has more than 700 employees in over 15 countries. CBR is projecting sales of more than 500 million euros, or $670 million, for 2004. CBR has 650 franchise stores and 4,000 trade partners.

“We will ensure that CBR is provided with the support it needs to fulfill its growth potential and expand its already successful brands nationally and internationally,” said Peter Gangsted, partner and head of Cinven’s Frankfurt office, in a statement.

This story first appeared in the December 7, 2004 issue of WWD.  Subscribe Today.